Changes Could Upend Decades-Old Communist Party Ideology

BEIJING—The World Bank is putting together sweeping proposals for China to privatize a major bank and allow farmers to sell their land, according to officials familiar with the plans, changes that could upend decades-old Communist Party ideology if implemented.

The recommendations are part of a reform agenda the World Bank is hammering out with one of the Chinese government's top think tanks, the Development Research Center. Chinese Premier Li Keqiang specifically requested the two institutions to work on urbanization...